This is huge for people who have found themselves capped on one or another of these currencies for a while now. I know for myself, I've ended up stockpiling heirlooms for characters I may or may not ever level just to keep below the JP cap. Now I can get serious about those last few PvP items I've been holding off picking up. I am surprised to see a valor-to-conquest conversion but not a conquest-to-valor one -- seems somewhat unfair, as it gives PvE players with access to a lot of valor points a way to jump into PvP but gives no such return for PvP players who want to get a leg up in PvE.

Keeping in mind it's the PTR and is always subject to change, of course, this should be a more interesting solution to point capping than we've seen before with trade goods and suchlike